B. Units 1 & 2 (t1) - Research Tasks and Business analysis tools
Task 1 - Research Tasks
Business analysis tools
SWOT
SWOT stands for Strengths, Weaknesses, Opportunities and Threats; it is used when assessing these four aspects of a business. Using SWOT analysis means that you can reduce your chance of failure and make the most of what you have available to you. Moreover, using this method will allow a business to strategize what will distinguish them from their competitors and make them more successful in their industry. Strengths are what a company sees as their most strongest points in which they should maintain, Weaknesses are areas that a business may seek to improve over time, Opportunities are chances that may become available to a specific company as a result of any unique aspects - or those that may be available in the future - and Threats refer to any competition that a company may come across, which a business must plan for strategically in their business plan.
PESTEL
PESTEL stands for Political, Economical, Sociological, Technological, Environmental and Legal influences. Like SWOT, it allows for businesses to have an insight into the external factors which may affect their organisation. For example, if a business were to analyse the legal aspects of their business, they may look into legislation involving employment and their imports/exports. PESTEL is the most useful for to analyse and monitor the macro-environmental factors on a business's performance. This is important when it comes to maintaining a sustainable business model, as external environmental factors must also be sustainable to the economy.
- Politics - how current politics may affect your company. For example, laws, regulations and political beliefs which may influence brand positioning.
- Economical - current state of the economy. It is important to remember that when attempting to create a sustainable business model, it must rely on a sustainable economy.
- Sociological - current social issues in the world which can affect your business. Brand positioning relies heavily on how you use social issues as an external factor on your business, which is also important based on your target audience's beliefs.
- Technological - in the modern world, your business must consider how technology can be used to its advantage. For example, a photographer must remember to keep up-to-date equipment to stay ahead of competition.
- Environmental - the current state of the environment surrounding your business. Whether considering local environment or global, it is important to assess which environmental factors will affect your business and how.
- Legal - current laws which may affect your business. For example, regulatory bodies as governing bodies which are unique to your business. An example would be BFFC, of which a film company would have to abide to their terms and policies.
SOURCE - PESTLE Analysis | Factsheets | CIPD
Post-Brexit Britain and the Creative Industry
For the creative industry, a post-Brexit Britain would mean that talent would be significantly harder to find. This is supported by the fact that about a third of employers claim that their EU staff possessed qualities not found in their UK staff, thus missing out on some distinguishable talent. However, it appears overall as though Brexit won’t have too much of a negative impact on the creative industry, as the UK remains a hotspot for creative talent, as a country whose talents were one of the most requested (Creative Europe). Moreover, cultural policies in the UK help promote Britain's creative talent, which is a role most notable by DCMS (Department for Digital, Culture, Media and Sport.)
Cultural Policy
As the world is currently facing a pandemic, the creative industry has been massively affected; most notably theatres, artists and actors. As less films are being produced than usual, actors remain out of pocket and so have turned to livestreaming on popular social media platforms. Theatres in particular have faced massive losses as most of their income relies on in-person interaction. However, similar to how actors have been livestreaming, theatres have also decided to livestream performances to ensure that they still attract attention and receive funding. Lastly, musicians have faced a massive loss. Due to the fact that gigs and shows are a main source of income for many smaller musicians, this has been almost impossible to do during the pandemic. Therefore, I have seen musicians sell online passes for their livestream gigs, which allows for the same intimacy of a gig while also bringing in lost funds.
Conduct a Personal SWOT Analysis
Strengths - my business will include a lot of audience engagement, and so building a rapport with an audience should be quite easy, which would therefore create a larger community to improve website traffic and thus increase income.
Weaknesses - lacks uniqueness when compared to other music blogs. As there is a limit to what sort of content you can produce, it is important to ensure that you do something with that content to differentiate it from content that competition produces. However, as my business is based on a website, this will be harder to achieve,
Opportunities - Being online-based means that communication with non-competitors and an audience is a lot easier to do than establishing connections in real life. Additionally, as my business will be online, creating an online media presence should also be easily achievable. More opportunities are available online than in the real world due to the ease of access to the internet, which is now considered essential in a modern household.
Threats - music blogs are easy to create and maintain, meaning there is more competition online. Moreover, people usually dislike change, and so it may be challenging to attract an audience who are familiar with bigger and older music publishers as they have already built a rapport with them.
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